Real News‎ > ‎2013‎ > ‎March 2013‎ > ‎

19 March 2013

19th March, Tuesday

 


Residential

 

Strong demand for all categories of D'Nest units

Source: Business Times

Some 500 of the 650 units released for sale at D'Nest, a 99-year leasehold condominium in Pasir Ris Grove, have been sold since its preview launch last Friday.

The 912-unit project, jointly developed by City Developments (CDL), Hong Leong Holdings, and Hong Realty, has a site area of 444,284 sq ft.

The units were going for an intended average price of $990 per square foot (psf), but CDL had offered buyers an early-bird discount to make up for the Additional Buyer's Stamp Duty which some buyers had to pay.

This brought down the average price to about $920 psf, but this has since been adjusted up by about 2 per cent, CDL said.

CDL said about 80 per cent of the buyers are Singaporeans, while foreigners and permanent residents are mainly from Malaysia, China, and Indonesia.

D'Nest is located within walking distance of Pasir Ris MRT station and White Sands shopping mall. It is slated to be completed in 2017.

 

Links to the story:

http://www.businesstimes.com.sg/print/500405

http://www.straitstimes.com/st/print/917273

 

 


Industrial

 

A-Reit buys Galen property at Science Park II for $126m

Source: Business Times

After raising net proceeds of $400.6 million from a recent private placement, Ascendas Real Estate Investment Trust (A-Reit) has bought the Galen for $126 million.

The six-storey commercial property at 61 Science Park Road is owned by Singapore Science Park (SSP), a unit of Ascendas Land (Singapore), which is in turn owned by Ascendas Pte Ltd. Ascendas Land also holds 16.4 per cent of A-Reit.

The Galen, which is 97.5 per cent occupied, has a land area of 16,308 sq m, a gross floor area of 30,685 sq m and a net lettable area of 21,775 sq m.

 

Links to the story:

http://www.businesstimes.com.sg/print/500224

http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1260826/1/.html

 

 


Investment Sales

 

Property investment in S'pore to rise

Source: Business Times

Singapore can expect a significant uptick in property investment activity this year, on the back of an expected 15-20 per cent increase in global investment activity, which is likely to surpass US$1 trillion for the first time since 2007.

It will hit US$509.3 million in the Asia-Pacific and US$347.4 million in the Americas. In Europe, the Middle East and Africa (EMEA), investments are expected to rise 5 per cent to US$204.0 million. This will push investment volumes on a global basis up by 14 per cent to reach US$1.06 trillion, breaching the US$1 trillion mark for the first time since 2007.

Looking ahead, foreign investments are likely to make a comeback this year. On a global level, the market share of foreign players slipped slightly, from 16.7 per cent to 16.3 per cent as domestic players were slightly more active last year.

Cross-border investment rose 17 per cent to 39 per cent of the market in EMEA; a significant chunk of this activity was provided by the Malaysian government-linked pension fund's acquisitions in London. In Asia and the Americas, it fell by 9.1 per cent and 4.7 per cent respectively, and accounted for only 10 per cent of trading.

Foreign capital is expected to play a larger role this year. 2013 will see investors embrace currencies which are expected to maintain value over time such as the renminbi, the Singapore dollar and the won. China, Singapore and Korea will enjoy more focus from international investors this year.

In terms of investment targets, Singapore appears in 10th place on the global list of countries; on a city basis, the Asia-Pacific produced five cities in the Top 20 - Tokyo, Hong Kong, Singapore, Sydney and Seoul. Singapore was 13th globally, but third in the Asia-Pacific behind Tokyo and Hong Kong.

 

Link to the story:

http://www.businesstimes.com.sg/print/500411

 

 

Lam Soon Industrial Building relaunched for collective sale

Source: Business Times

Lam Soon Industrial Building, sitting on a freehold residential site in Hillview Avenue, has been relaunched for collective sale.

The 10-storey building comprises 154 warehouses and light industrial factories. The site measures 230,915 sq ft and has a gross plot ratio of 1.92.

The marketing agent said the site can be redeveloped into a 10-storey residential building comprising 403 units of 1,100 sq ft each.

The site has easy access to amenities such as The Rail Mall, Bukit Timah Plaza, and Beauty World; it is also near the Bukit Batok and Bukit Gombak MRT stations and the upcoming Hillview station, which is to be completed in 2015.

The second tender closes on 3 April at 2.30 pm.

 

Link to the story:

http://www.businesstimes.com.sg/print/500413

 

 


International Markets

 

China new home prices rise for second month running

Source: Business Times

China's new home prices rose in February from a year ago for a second consecutive month, though gains are expected to ease after the government unveiled this month tougher tax plans to curb real estate speculation.

Average new home prices across China climbed 2.1 per cent last month, versus a year-on-year increase of 0.8 per cent in January, according to  calculations from data released by the National Bureau of Statistics (NBS) Monday.

China's cabinet announced on 1 March that it planned to introduce a 20 per cent capital gains tax and higher downpayments and mortgage rates for second-time home buyers in cities where prices are deemed to be rising too fast.

Home prices rose month-on-month in 66 of 70 major cities monitored by the NBS in February, up from 53 in January, the NBS data showed.

New home prices in Beijing in February rose 5.9 per cent from a year earlier, compared with January's year-on-year increase of 3.3 per cent. Shanghai's prices were up 3.4 per cent in February a year ago, versus 1.3 per cent annual growth in January.

 

Links to the story:

http://www.businesstimes.com.sg/print/500420

http://www.straitstimes.com/st/print/917155

http://www.todayonline.com/print/91136

 

 

London home prices jump as pound drops

Source: Business Times

London home sellers raised asking prices this month as the weakness of the pound fuelled interest from overseas buyers during the spring selling season, according to a report.

Prices sought rose 1.9 per cent from February to an average £496,298 (S$932,413).

Asking prices in the capital have surged more than £41,000 in the past year and are now pushing close to £500,000. Nationally, average prices rose 1.7 per cent in March from February.

Gains here this month were led by a 6.2 per cent surge to a £2.3 million average in Kensington and Chelsea, the city's most expensive district. Lambeth rose 6 per cent, while Westminster increased 5.8 per cent.

Part of the increase was due to supply failing to keep up with demand. 16,349 new properties were put on the market this month, 12 per cent lower than the same period a year ago.

 

Link to the story:

http://www.businesstimes.com.sg/print/500415